{
  "docId": "019dd923-622c-750b-8b99-b80c260b0389",
  "docSlug": "dee45f9e8542",
  "documentTitle": "Limbach Holdings, Inc. (LMB)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-07-22 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 16,
  "pageCount": 86,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a yellow background for the main content area, typical of Spruce Point research notes.",
  "elementsJson": [
    "headline_text",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-b80c260b0389/16",
  "deckHref": "/decks/019dd923-622c-750b-8b99-b80c260b0389",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b80c260b0389.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b80c260b0389#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Limbach's stock-based compensation payments, which are at the high-end when compared to peers, coupled with warrant issuances and a public offering in 2021, have left Limbach's shares outstanding nearly 50% higher than they were in 2019.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c61-16b3d26fb63b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.96,
        "x": 0.02,
        "y": 0.46
      },
      "kind": "paragraph",
      "text": "Limbach’s stock-based compensation payments, which are at the high-end when compared to peers, coupled with warrant issuances and a public offering in 2021, have left Limbach’s shares outstanding nearly 50% higher than they were in 2019.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4532f11e-f4c4-4f82-abb1-c50dad0998b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.42
      },
      "kind": "paragraph",
      "text": "Limbach’s Generous Stock-Based Compensation Has Helped Drive Material Dilution",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f39992f-6bbe-4b74-aa8c-8bb255fe7db8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.96,
        "x": 0.02,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "On its Q1’25 earnings call, Limbach’s management, for the first time, publicly acknowledged the growing role of private equity in the industry and briefly addressed its potential impact, particularly in the context of M&A activity.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6218b8b2-d4dd-4bbd-a3e7-5ebd68d72339",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "Limbach engages Crowe LLP as its auditor, a small firm with an estimated ~1% market share. Crowe faced SEC charges in the past over deficient audits on a company which was discovered to have $100 million in undiscovered liabilities after it went bankrupt.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "94aafb9f-72d7-46b2-a23d-42136ee2540e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.61
      },
      "kind": "paragraph",
      "text": "We Believe Investors Are Overlooking Intensifying Competitive Pressure From PE-Backed Platforms",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6f3c687-9d58-4bec-9855-d09ddca53fee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Limbach’s Auditor Has Faced SEC Charges Over A Failed Audit",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f8f42376-ecd4-467b-9589-c9355a662577",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.36,
        "x": 0.318,
        "y": 0.05
      },
      "kind": "title",
      "text": "Executive Summary, Cont'd.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "458e9cc8-6306-425b-9e80-7347532a4a8c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "82e043d0-e6aa-4199-8e74-dce356c89954",
      "evidence": "This slide is an executive summary, which is a common section in business presentations.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 19,
      "from": 5,
      "beatId": "32ad1395-b980-4b6c-83f9-8323d778a736",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The document highlights several problems and complications with Limbach's financials and operations, including connections to high-profile fraud cases and generous stock-based compensation",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}